Blue Coat Achieves Record Net Revenue

Blue Coat Systems reported total net revenue for its second quarter of fiscal 2009 (ended October 31, 2008) of $119.0 million, an increase of 62% compared to net revenue of $73.4 million in the same quarter last year, and an increase of 16% compared to net revenue of $102.5 million in the immediately preceding quarter. Excluding net revenue associated with the acquisition of Packeteer on June 6, 2008, net revenue for the second quarter of fiscal 2009 was $93.9 million, an increase of 28% compared to net revenue of $73.4 million in the same quarter last year, and an increase of 9% compared to net revenue of $86.4 million in the immediately preceding quarter.


On a GAAP basis, the company reported a net loss of $0.3 million, or ($0.01) per share, in the second quarter of fiscal 2009, compared to net income of $7.0 million, or $0.17 per diluted share, in the second quarter of fiscal 2008, and a net loss of $5.8 million, or ($0.15) per share, in the first quarter of fiscal 2009.


"Despite a difficult economic environment, Blue Coat continued to execute its strategy during the second quarter, enabling us to once again report record net revenue," said Brian NeSmith, president and chief executive officer, Blue Coat Systems. "We have largely completed the integration of Packeteer, Inc., which we acquired in June, and recognized $25 million in net revenue from the acquired business in the second quarter. In addition, we achieved integration between our ProxySG appliances and the PacketShaper appliances we acquired from Packeteer."


For the third fiscal quarter ending January 31, 2009, in consideration of the current economic environment the company is currently planning net revenue in the range of $106.0 to $112.0 million.http://www.bluecoat.com